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Mix #1 - Round 2 > Form 1 COPY > Flashcards

Form 1 COPY Flashcards

1
Q

Form 1: Name 11 category of folks who file Form 1?

A

The Mayor disclosed to the Appointed Mbrs that they Elected Crappy Police who got High. They Plan to Enforce the law, Fire them & Adjust the Environment.
———–
Mayor, Appt Mbrs, Elected, CRA, Police, High spenders $35k, P&Z, code Enf, Fire BOA, Environ

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2
Q

Form 1: Primary Income thresholds

A 
1st Inc:  $2.5k OR 5%

1st Inc: $2.5 OR 5%
2d Inc: disclose bus + 10% gross BUS cust if:
own 5% + rec $5k OR
own 5% + rec $1.5k + 10% INDIV gross inc
———–
RE: own 5%.
———–
Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth
~~~

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3
Q

Form 1: RE threshold

A

RE ownership 5% or more of its value (except personal residence).

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4
Q

Form 1: RE exemption

A

Personal residence.

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5
Q

State 2 income exemptions

A

Don’t report:
1) Public salary (but must report income therefrom)
2) Any business that contributed LESS than 5% to your income.

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6
Q

Form 1: What election campaign money is included in intang. pers. prop.?

A

Money owed you, including amts loaned as a candidate to your own campaign.
It’s your asset.

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7
Q

Form 1: Asset vehicles & intang. pers. prop.

A

Don’t report asset vehicle (IRA itself).
Report asset contained in vehicle (stock, $).

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8
Q

Form 1: Intangibles
Dollar Method vs. Comparative Method.

A 
Intangs:  $10k  OR  10%

1st Inc: $2.5 OR 5%
2d Inc: disclose bus + 10% gross BUS cust if:
own 5% + rec $5k OR
own 5% + rec $1.5k + 10% INDIV gross inc
———–
RE: own 5%.
———–
Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth
~~~

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9
Q

Form 1: Creditor report threshold
Dollar Method vs. Comparative

A 
Debts:   $10k  OR  exceed net worth

1st Inc: $2.5 OR 5%
2d Inc: disclose bus + 10% gross BUS cust if:
own 5% + rec $5k OR
own 5% + rec $1.5k + 10% INDIV gross inc
———–
RE: own 5%.
———–
Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth
~~~

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10
Q

Form 1: Secondary Income.
Dollar Method vs. Comparative Method.

A 
1st Inc:  $2.5k OR 5%
2d Inc:  discl bus + 10% gross BUS customer:
(a)  own 5% + rec $5k OR
(b)  own 5% + rec $1.5K + 10% INDIV gross inc

1st Inc: $2.5 OR 5%
2d Inc: disclose bus + 10% gross BUS cust if:
own 5% + rec $5k OR
own 5% + rec $1.5k + 10% INDIV gross inc
———–
RE: own 5%.
———–
Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth
~~~

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11
Q

Form 1: Primary Income, ex of aggregate

A

Multiple stocks in 1 company.
Multiple accounts in 1 bank.

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12
Q

Form 1:
What tangible item is intangible personal property?

A

Cash, CDs.
Autos, jewelry, are not.

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13
Q 
FORM 1
-----------
Form 1: Liabilities.  
Dollar Method v. Comparative Method.
What is required to be disclosed?
A

Form 1 Liabilities:

Owe more than your net worth.

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14
Q

Form 1: Liabilities. Comparative Method.
What do not have to be reported?

A 
FORM 1
-----------
Amount of debt.
Amount of net worth.
Credit cards,
Taxes,
Contingent liabs (ex. guarantor)
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15
Q

Form 1: Appointed members of what boards need file?

A 
FORM 1
-----------
Appointed Mbrs of bodies:
1.  County. 
2.  Municipality. 
3.  School district.
4.  Independent special district.
5.  CC or junior college.
6.  District boards of trustees.
7.  Brds w/ code enforcement pwr.
8.  BOA.
9.  CRAs.
10.  P+Z w/ pwr to recommend directly to BCC, re: LDRs
11.  Pension or retirement boards w/ pwr to invest.
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16
Q

Form 1: What PEs must file?

A

FORM 1

  1. Mayor.
  2. County or city manager.
  3. Finance director.
  4. County or municipal attorney.
  5. Chief building inspector.
  6. Water resources coordinator.
  7. Pollution-Envir. control director.
  8. Administrator w/ pwr, re: land development permit.
  9. Chief of police; fire chief.
  10. Clerk.
  11. School super; community college pres.
  12. ME.
  13. Purchasing agent (regardless of title) over $35k.
17
Q

Both Forms 1 & 6:
Reporting Indivi. must always disclose interest in what type of entities?

A 
FORM 1 & 6
-----------
$, Sins, Utilities, Franchises
Banks, mortg cos., small loan companies. 
Alcoholic beverage licensees, Wagering. 
Utility cos + PSC controlled entities.
Granted a franchises.
18
Q

Both Forms 1 & 6:
Investment vehicle vs. Investment product.

A

You must list what you can sell. You can’t sell the vehicle, ex. IRA (Investment Vehicle) but can sell its contents (Investment Products).

19
Q

Clarify confusing procurement employee categorization.

A

Anyone w/ purchasing authority >$35k (regardless of title) is a Reporting Indiv.
Any Reporting Indiv is subject to Gifts law.
Ʃ Anyone w/ purch auth >$35k is subj to Gifts law.
Ignore the State Procurement Employee specifically called out in Gifts Law.

20
Q

Is Form 1 for the heavy hitters or the regular folk?

A

The regular folk! Form 6 is for Constitutional Officers.

21
Q

Summarize thresholds for Form 1.

A 
1st Inc:   $2.5 OR  5%
2d Inc:   disclose bus + 10% gross BUS cust if: 
own 5% + rec $5k  OR 
own 5% + rec $1.5k + 10% INDIV gross inc
-----------
RE:  own 5%.
-----------
Intang:   $10k value OR  10% of assets
Debts:    $10k  OR  exceed net worth
22
Q

What is meant by “secondary income” on BOTH Form 1 (regular folks) & Form 6 for (Constitutional Officers)?

A

Not second job but a BUSINESS.

23
Q

Compare Form 6 & Form 1’s 1st income.

A 
Form 6:  Income over $1k
vs.
Form 1:
1st Inc:  $2.5k OR 5%

1st Inc: $2.5 OR 5%
2d Inc: disclose bus + 10% gross BUS cust if:
own 5% + rec $5k OR
own 5% + rec $1.5k + 10% INDIV gross inc
———–
RE: own 5%.
———–
Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth
~~~

24
Q

Compare Form 6 & Form 1’s 2nd income.

A 
Form 6: own 5% AND rec $1k 
Form 1:  discl bus + 10% gross BUS customer:
own 5% + rec $5k OR
own 5% + rec $1.5K + rec 10% INDIV inc

1st Inc: $2.5 OR 5%
2d Inc: disclose bus + 10% gross BUS cust if:
own 5% + rec $5k OR
own 5% + rec $1.5k + 10% INDIV gross inc
———–
RE: own 5%.
———–
Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth
~~~

25
Q

Compare Form 6 & Form 1’s Assets.

A 
Form 6:  All assets, inc. real estate valued @ $1k
Form 1:
RE:  own 5%
Intang:  $10k. OR 10%

1st Inc: $2.5 OR 5%
2d Inc: disclose bus + 10% gross BUS cust if:
own 5% + rec $5k OR
own 5% + rec $1.5k + 10% INDIV gross inc
———–
RE: own 5%.
———–
Intang: $10k value OR 10% of assets
Debts: $10k OR exceed net worth
~~~

26
Q

Compare Form 6 & Form 1’s Creditors.

A 
BOTH / CREDITOR
-----------
Form 6:  Creditor owed $1k.
vs.
Form 1:  Creditor owed $10k or debt exceeding net worth.
27
Q

Form 1 Pattern.

A 
1st Inc:   $2.5 OR  5%
2d Inc:   disclose bus + 10% gross BUS cust if: 
own 5% + rec $5k  OR 
own 5% + rec $1.5k + 10% INDIV gross inc
-----------
RE:  own 5%.
-----------
Intang:   $10k value OR  10% of assets
Debts:    $10k  OR  exceed net worth
28
Q

Memory hint for Form 6.

A 
FORM 6
-----------
Constitutional Officer & Form 6 are tough jobs.  Only 1 person wants that job.  
-----------
$1k = income, assets, creditor
$1k + 5% = 2nd income.
29
Q

State Form 1’s pattern.

A 
1st Inc:   $2.5 OR  5%
2d Inc:   disclose bus + 10% gross BUS cust if: 
own 5% + rec $5k  OR 
own 5% + rec $1.5k + 10% INDIV gross inc
-----------
RE:  own 5%.
-----------
Intang:   $10k value OR  10% of assets
Debts:    $10k  OR  exceed net worth
30
Q 
BOTH FORMS, 1 & 6
-----------
Re:  Both Form 1 & Form 6, what are the penalties for:
A.  Late filing?
B.  Failure to fully disclose?
A

late file: $25/day aft 9/1 up to $1.5k
full discl: removal, $10 fine

Mix #1 - Round 2 (65 decks)

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